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How the accumulation of debt during the Covid-19 pandemic is hurting India’s low-income households Household-debt-to-GDP ratio increased to 37.1% in the second quarter of 2020, The debt levels of daily wage workers around the country have increased, surveys show. | Punit Paranjpe/ AFP Six years ago, 24-year-old Munna Kumar Singh and his family migrated to Delhi from a small town in Bihar, where he worked in a denim factory in the city’s Udyog Vihar for a monthly salary of Rs 9,000. He is the sole breadwinner in the family of four. He also tries to send a small remittance to those at home in Bihar. When he lost his job with last year’s lockdown to curtain the spread of Covid-19, Singh struggled to make ends meet. He ended up borrowing extensively from informal channels. He is now over Rs 50,000 in debt with no stable income to repay his loans.

Uttar pradeshMunna kumar singhPunit paranjpePallavi chavanUdyog viharBank net credit to financially weaker sectionsHousehold finance committeeCentre for new economicsReserve bankNew economics studiesPermanent income hypothesisHome credit indiaHome creditAdjusted bank net creditFinancially weakerKumar singh